Jail For Credit Union’s Ex-President

He was charged with bank fraud, pleaded guilty to bank fraud, and now is going to prison for bank fraud. Michael John Young, the former president of Alabama Central Credit Union, has been sentenced to 17 months, and ordered to pay $140,000 in restitution to the credit union. The court also ordered Young to forfeit that same amount to the government as proceeds of illegal activity. 

According to the court documents, the financial fraud occurred between about April 2009 and June 2010 when Young, as president of the credit union, submitted fraudulent bills and invoices on behalf of two fictitious companies he had created. Neither business had provided any services or goods to the credit union. Young authorized payment by the credit union of those bills and invoices that he submitted in the name of the fictitious companies. The money paid by the credit union to the accounts of the fictitious companies was controlled and ultimately spent by Young.